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Updated almost 4 years ago on . Most recent reply
![Andrew Merewitz's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/993758/1695007212-avatar-andrewm405.jpg?twic=v1/output=image/cover=128x128&v=2)
BRRRR - How to use hard money and then refi ?
I'm looking in Florida (jacksonville specifically) to start with some BRRRR properties. The hard money lenders require an LLC to lend to, but then when I want to refi into a conventional loan, I wont be able to do so under the LLC as I'd have to get corporate loans which may require more money down.. Am I missing something? is there a better way to approach this?
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@Andrew Merewitz I have done this two ways.
The first is use private or hard money to buy & fix-up the property, then place tenants and keep it in my LLC. Then refinance with a portfolio lender.
The second way is the same as above, but then just before you refinance, use a quit claim deed from the LLC to your personal name. Then do a refinance with a convention lender. Make sure to be up front with the lender so they are ok with it, but it is possible as I just did this a few months ago.